EXX INC Announces Strike at the Howell Electric Motors Division of SFM Corp.
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LAS VEGAS, Sept. 23 /PRNewswire-FirstCall/ -- EXX INC
(Amex: EXX-A and EXX-B) today announced that early on the morning of
September 22, 2004, employees represented by Local 2066 of the International
Brotherhood of Electrical Workers (IBEW) walked off the job and commenced a
strike at the Plainfield, New Jersey facility of the Howell Electric Motors
Division of EXX's SFM CORP. subsidiary. Howell and the union have been unable
to agree upon new contract terms during an extension period for an expired
labor contract. The primary differences between the parties relate to the
issue of the cost of medical insurance. The union has rejected a contract
term under which the Company would pay 80 percent of the cost of medical
insurance and the employee would pay the remaining 20 percent.
The Company hopes for a quick resolution of the strike. Management of EXX
believes that the projected impact of the strike on the consolidated revenue
and earnings of EXX will not be material.
SOURCE EXX INC
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